India: Bids drop by INR 500/t at SAIL-BSP pig iron auction

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SAIL’s Bhilai Steel Plant (BSP) held an auction for 5,000 t of steel grade pig iron on 20 Oct.
The bids received ranged between INR 42,500-43,050/t exw; however, the company rejected bids less than INR 43,000/t. Bids were approved for a total quantity of 1,800 t at INR 43,000-43,050/t exw.
In the previous auction on 10 Oct, 3,000 t was booked at an average price of INR 43,500/t exw.

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